It has been suggested that one simple way to do an external analysis is by asking...
It has been suggested that one simple way to do an external analysis is by asking these six questions:
(a) What is happening in the world today?
(b) What does it mean for others?
(c) What does it mean for us?
(d) What would have to happen first for the results we want to occur?
(e) What do we have to do to play a role?
(f) What do we do next?
In your own words
What do you think of this approach to external analysis? What’s good about it? Bad? Do you think it's a more relevant approach given the disruptive forces affecting many industries today, or is it better to stick with tried and true external analysis techniques like SWOT and Porters 5 Forces?
Homework Answers
Solution:
The above framework presents us with the opportunity to analyse all the factors that may be affecting the external analysis. It encompasses the most important considerations of any analysis. In my opinion this analysis is a very good starting point for the external analysis. The good thing about this analysis Is the stepwise approach which first let's us understand the macro scenario and then we move to the micro scenario hence allowing us to account for all the disruptive forces that are entering different industries and will enable us to analyse the situation with more depth. The worrying thing about the given framework can be the authenticity as to how much will the framework be dedicated to provide the best results. Since this framework is new and not a tried and tested method it is imperative to consider this drawback and be careful with the analysis.
The best way to use this framework will be to couple it with already existing frameworks such as SWOT or Porter's 5 forces. Using these frameworks together will confirm the authenticity of the results that will be obtained and we will be more confident on the obtained results.
Hence, We should use this framework coupled with other tried and tested frameworks.
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